ProShares on Wednesday listed a new inverse currency ETF designed to profit when the euro moves lower.

The ETF manager already oversees a popular ETF that provides leveraged bearish exposure to the common currency.

The new fund is ProShares Short Euro (NYSEArca: EUFX), which is designed to provide 100% of the inverse, or opposite, return of the U.S. dollar price of the euro, on a daily basis. It has an expense ratio of 0.95%.

Concerns over European have driven nearly $1 billion into ProShares UltraShort Euro (NYSEArca: EUO), which launched less than four years ago, said Michael Sapir, chief executive of ProShare Advisors.

“We are launching EUFX in response to investor requests for an additional variation of an ETF with inverse exposure to the euro,” Sapir said in a press release.

Leveraged and inverse ETFs are designed for traders rather than buy-and-hold investors. [Primer on Leveraged and Inverse ETFs]

The new inverse euro ETF will likely compete with PowerShares DB US Dollar Index Bullish (NYSEArca: UUP), which holds $1.2 billion in assets. UUP tracks the U.S. dollar’s movement against a basket of currencies: euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. However, EUFX specifically targets the dollar/euro currency cross.

ProShares UltraShort Euro

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